In 2015, Canadians chose a plan for the economy that would invest in the middle class and offer real help to people working hard to join it. In the years since, that plan has helped put more money in the pockets of hard-working Canadians and helped create more than a million new jobs-driving national unemployment and poverty rates to historic lows.
Today, Finance Minister Bill Morneau spoke with members of the Milton Chamber of Commerce about the Government’s approach and the results it has delivered for families and businesses across the country.
In his remarks, Minister Morneau emphasized the importance of helping more people find and keep good jobs, now and in the future. He highlighted government measures that have helped to make education more affordable-including the introduction of the new Canada Training Benefit, which will make it easier for working Canadians to get the skills they need to succeed in a changing economy.
The Minister also highlighted businesses’ essential role in creating opportunities for Canadians, noting some of the many steps the Government has taken to support business growth: allowing businesses to write off capital investments sooner, securing comprehensive free trade agreements that give Canadian businesses access to nearly two-thirds of the global economy, and lowering the small business tax rate to 9 per cent.
Looking ahead, Minister Morneau reassured members of the Chamber that despite the global challenges to trade and the constantly evolving nature of work, the Government will continue to invest to help Canadians do what they do best: innovate and succeed. That’s why Budget 2019 included new investments to help make life more affordable for more Canadians, whether they are a young family looking to buy their first home, an experienced worker looking to learn new skills, or a senior looking to retire with confidence.
“The middle class isn’t just a way to describe an income group, it’s aspirational. It means having a good job, living in a house that works for your family, and opening as many doors as you can for your children and grandchildren. That’s why our government has been focused on helping to strengthen and grow the middle class, while helping businesses succeed at the same time. It’s a real plan for the economy, and it’s building an economy that works for everyone-not just the wealthy and well-connected.”
– Bill Morneau, Minister of Finance
Canada has the lowest net debt-to-GDP (gross domestic product) ratio among G7 countries, and is expected to be the second-fastest growing G7 economy in both 2019 and 2020.
Thanks in part to a number of government investments, Canada has achieved its targeted 20 per cent reduction of poverty three years ahead of schedule, lifting over 825,000 Canadians out of poverty compared to 2015.
Tax measures to accelerate business investment announced in the 2018 Fall Economic Statement will benefit businesses that are making new capital investments in productive assets. These measures will fuel new investments and support the adoption of advanced technology by Canadian businesses.
The Government cut the small business tax rate to 10 per cent, effective January 2018, and as of January 1, 2019, further reduced it to 9 per cent.